The CustomerXPs Financial Fraud Newsletter is your monthly update on the world of financial crime and insights to innovative technology to combat the phenomenon. This issue highlights CustomerXPs’ recognition as an enterprise player in the RiskTech Quadrant, a prestigious analysis by Chartis - the leading provider of research and analysis on the global market for risk technology.
CustomerXPs is positioned as an Enterprise Solution in the Chartis RiskTech Quadrant for Enterprise Fraud Technology contained in the analyst major’s latest Financial Crime Risk Management Report. The Quadrant measures vendors’ completeness of solution and market potential across a wide range of attributes. Peyman Mestchian, Managing Partner at Chartis said, “CustomerXPs has a clear strategy for providing financial crime risk management technology to banks across the globe. Their strong real-time fraud management capabilities coupled with comprehensive cross-channel & cross-product coverage ensured their position on the RiskTech Quadrant.” According to Chartis, financial crime risk management (FCRM) remains an area of significant growth, with global IT expenditure expected to increase throughout 2016 and beyond.
Fintech Finance's pilot issue features CustomerXPs' perspective on the ideal way for banks to combat fraud. In a candid interview with the journal, CEO Rivi Varghese talks about how a bank's multiple channels need to be synchronized to deliver hyper-responsive real-time actionable intelligence to help detect and prevent fraud even as it is happening. With siloed solutions putting the customer's hard earned money at risk (and thereby increasing the bank's potential liability), Rivi emphasizes the need for a real-time, human brain like intelligence that intuitively helps better the banks customer interactions as well as fraud-proofs every transaction. The article urges bankers to implement a solution that functions like the human brain.
CustomerXPs' flagship product Clari5 proactively combats cross-channel, cross-product fraud across the banking enterprise in real-time by acting upon real-time intelligence instead of dated data. It processes transactional information, including partial and ambiguous data in real time as it comes and upon finding something amiss, immediately alerts relevant stakeholders. Clari5 also delivers real-time customer experience management which delivers unified and holistic experiences to customers at every touch point. Clari5 CEM learns from transactions, responses and factors them accordingly to arrive at the right conversation triggers, apt messages and right sales opportunity, thus helping the bank's customer-facing staff make intelligent & relevant conversations.
Financial institutions globally are under increasing pressure to rapidly detect, prevent and block cross-channel fraud and financial crimes across banking channels, products, and core systems in real-time. This becomes dramatically more effective when banks unify all fraud management into a single platform. This central-nervous-system approach requires massive compute and data management to happen in real-time, and in-line with the transaction itself. With Enterprise Financial Crime Management and Customer Experience Management products for Tier-1 global banks CustomerXPs recognized this need and validated the solution with Oracle Database In-Memory. CustomerXPs, a Gold level member of Oracle PartnerNetwork (OPN), ran Oracle Database In-Memory without requiring any application changes. Test results showed that queries and reports ran significantly faster, helping financial institutions that run CustomerXPs Clari5 perform even more complex analyses and increase the scale of operations while improving real-time responsiveness.
Banks in Oracle Database In-Memory along with CustomerXPs Clari5 enables large financial institutions to remove analytic silos and analyze transactions across multiple channels, products and core systems in real-time inline and within the transaction window itself.
The integration of CustomerXPs Clari5 with Oracle Database In-Memory brings a number of benefits to banks looking for these solutions:
Oracle Database In-Memory delivers leading-edge in-memory performance without the need to restrict functionality or accept compromises, complexity and risk. Deploying Oracle Database In-Memory with virtually any existing Oracle Database-compatible application is as easy as flipping a switch - no application changes are required. The Oracle Database In-Memory option enables near instant analysis of data in existing applications, allowing users to make better decisions faster and with complete confidence. Database In-Memory enables ISV applications to transparently take advantage of in-memory processing.
“At CustomerXPs we are looking for technologies that can further improve the real-time responses of Clari5, as our global Tier-1 banking customers are now demanding answers for more and more complex real-time problems, which typically were considered unsolvable. The combination of Oracle Database In-Memory and Clari5 enables richer, deeper analysis and real-time insight at the point of transaction itself,” said Rivi Varghese, CEO, CustomerXPs. “With this increased real-time visibility and agility, banks are better able to identify, intervene and respond to fraudulent actions and help decrease their financial risk.”
“Oracle Database In-Memory was created to bring real-time analytics to existing Oracle databases with almost no effort,” said Tim Shetler, Vice President, Product Management, Oracle. “CustomerXPs has validated the benefits of Oracle Database In-Memory for one of the most business-critical applications in our time.”
About Oracle Database In-Memory
Oracle Database In-Memory enables customers to accelerate database performance by orders of magnitude for analytics, data warehousing, and reporting while also speeding up online transaction processing (OLTP). An innovative, dual-format in-memory architecture combines the best of row format and column format to simultaneously deliver fast analytics and efficient OLTP. Oracle Database In-Memory allows any existing Oracle Database-compatible application to automatically and transparently take advantage of columnar in-memory processing, without additional programming or application changes. The ability to combine real-time data analysis with sub-second transactions on existing applications enables organizations to become Real-Time Enterprises that quickly make data-driven decisions, respond instantly to customers' demands, and continuously optimize all key processes.
About Oracle PartnerNetwork
Oracle PartnerNetwork (OPN) is Oracle's partner program that provides partners with a differentiated advantage to develop, sell and implement Oracle solutions. OPN offers resources to train and support specialized knowledge of Oracle’s products and solutions and has evolved to recognize Oracle’s growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to be recognized and rewarded for their investment in Oracle Cloud. Partners engaging with Oracle will be able to differentiate their Oracle Cloud expertise and success with customers through the OPN Cloud program – an innovative program that complements existing OPN program levels with s of recognition and progressive benefits for partners working with Oracle Cloud.
Oracle and Java are registered trademarks of Oracle and/or its affiliates.
Anti-fraud technology major CustomerXPs, together with premier partner Finesse showcased Clari5 - the Enterprise Fraud Management solutions platform at the Cards & Payments event held on 31 May & 1 June at Dubai. CustomerXPs demonstrated how Clari5 – a hyper-responsive and intelligent Big Data solution can combat sophisticated fraud by deploying a ‘central nervous system’ in banks to detect and prevent fraudulent transactions in real-time.
Clari5 is a massively scalable cross- channel, cross pollinated real-time Enterprise Fraud Management & revenue maximization solution for global banks. Clari5’s differentiated approach deploys a central nervous system in banks with the ability to stop transactions in real-time. Clari5 is a bolt-on system, requires no system replacements, shrinks implementation timelines and delivers rapid ROI.
Rivi Varghese, CEO, CustomerXPs said, “Banking is the only industry in the world where the entire life of the customer flows through it. You know how much a customer earns, where he stays, the places he visits, how much he spends, his family status, his home ownership status, how much fuel he fills and everything else. No other industry has this privilege - be it a retailer or a telco. They only see a part of a customer’s life.
This would make banking the smartest industry on the planet. However banks globally don’t realize this potential as they believe they are in the business of transactions and still make siloed decisions. These decisions are proving to be costly as it impacts both the topline and bottom-line of banks.
The time has come for banks to use the collective wisdom gained about every individual customer, gleaned from long relationships with customers, and make it work in the moment as and when the transaction happens. To influence, modify or stop a suspect transaction across channels in real-time, we need a brain-like central nervous system approach to make a ‘segment-of-one’ decision every-time, in real-time.”
Ajay Alex, Practice Head, GRC at Finesse added, “Banks in the region are being constantly targeted with various kinds of frauds. We are seeing an uptick in hackers attempting innovative & targeted attacks to breach the banks’ existing security. Governments and Central Banks have been proactive and have issued directions and circulars to banks to upgrade existing security and put necessary checks and balances in place.
The current challenges and the dynamic environment banks operate have compelled us to look at the issue of banking fraud holistically. Rather than offering point solutions, we are excited to provide a cross-channel platform.
CustomerXPs’ Clari5 helps banks utilize their existing internal data and provides the insights and intelligence to arrive at specific individual level transaction behaviors (which are difficult for hackers to replicate) for all their existing customer data sets, and helps identify and point out potential fraud transactions on a real-time basis to trigger intervention even before a fraudulent transaction gets committed.”
CustomerXPs’ Clari5 Fraud Management Solution: Key highlights -
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